Oil prices in New York fell after a report showed a smaller-than-expected increase in orders in the U.S.
For example, orders in manufacturing grew in February by 1.3%, expected to increase by 1.5%. At the same time, orders for durable goods, according to revised data, in February rose 2.4% m / m, the previous change of 2.2% m / m.
Earlier it was reported that Saudi authorities believe the current price of oil, amounting to more than $120 a barrel, too high and we intend to fight for the reduction of energy costs, including through the resumption of the development of old fields and increase oil exports to the United States.
Meanwhile, Goldman Sachs believe that the next two years, oil prices will only rise.
Oil for May delivery fell to $104.13 a barrel on the New York Mercantile Exchange. It climbed 2.1 percent yesterday, the most since Feb. 21, after U.S. manufacturing in March expanded at a faster pace than estimated. Oil is 5.9 percent higher this year.
Brent crude for May settlement slid 21 cents to $125.22 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract’s premium to New York-traded West Texas Intermediate was at $20.58, widening from $20.20 yesterday, the biggest spread since October.
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